Social Value and Economic Waste: Products that consumers used to value

One characteristic of products that consumers used to value was that products were made to last. Now with technology products like cell phones, video games, and televisions, there seems to be a new version of the product that just came out, or is about to come out. Many consumers will buy the latest version even though the version they have still meets all their needs. What is the social value of this, and is it economic waste?

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From the social aspect, people will want to have any and all technology that is the latest trend. This holds true for individuals as well as businesses. Businesses want the latest technology in order to gain a competitive advantage in the industry, and various age groups want the latest technology that best satisfies their needs. Young people want the ...